Do I Need a Lifetime Income Benefit?
Try answering the questions below. If you answer “yes” to at least one of them, you may be a strong candidate for a variable annuity with a lifetime income benefit.
- Are you planning on having a lengthy retirement of say, 20 or 30 years or more?
- Are you concerned about outliving your retirement savings?
- Do you want to protect your retirement portfolio from market downturns such as the one in 2008?
- Do you expect to need more income during retirement than the amount you expect to receive from Social Security and/or a pension?
- Do you want to leave a financial legacy for family members, or to your favorite charity?
- Do you want to spend your retirement enjoying life, rather than worrying about the performance of the stock market?
- 80% of American workers are expected for fall short of meeting all their financial needs in retirement.
- A growing number of Americans are being forced to delay retirement because they didn’t adequately save or plan for their retirement income needs.
- 51% of American households are at risk of being unable to maintain their pre-retirement standard of living in retirement, even if they work to age 65.
- Recent Social Security Administration calculations indicate that the Social Security system could be insolvent by 2036, potentially eliminating a key source of retirement income.
*In order of appearance:
- “Hewitt Study Shows Four in Five Americans Not Expected to Meet All of Their Financial Needs in Retirement,” Aon Hewitt press release, May 3, 2010.
- “Retirement Confidence Survey 2011,” Employee Benefit Research Institute, March 15, 2011.
- “The NNRI and Annuities Fact Sheet,” The Center for Retirement Research at Boston College, October, 2010.
- “The 2011 Annual Report Of The Board Of Trustees Of The Federal Old-Age And Survivors Insurance And Federal Disability Insurance Trust Funds Communication,” OASDI, May 13, 2011.